Income Statement:
The income statement reports the revenue and expenses of the firm over a period of time. The income statement is sometimes refered to as the statement of operations or Profit and Loss Statement. The income statement relies on the equation:
In other words, Income Statement serves the purpose of providing the investors and other users of financial statements with most appropriate profitability of the entity net of expenses incurred by the company. In an elaborated manner, income statement helps an investor to assess as how the business has performed by giving a summary of how the business incurs its revenue and ...